Real estate agent not returning security deposit

centrelink on 09/02/2022 - 11:58
Last edited 09/02/2022 - 11:58

I leased a commercial warehouse for about 5 years now and decided to bring my business home as I kicked my in laws back to China for good.

The lease ended around end of November and the keys have been returned.

Now comes the issue with getting my security deposit (bonds) back.

In short, the real estate agent seems to be trying to make my life a miserable hell to just get my bonds returned.

He has shown me photos of the damage to the property and tried to get me to be invoiced by it. I quickly refused and proved that all the damage shown in the photos were already present prior to when I commenced my lease 5 years ago (he had a list and I rebutted them all with my own receipts).

Since then, I been emailing requesting for more information for about 1 month with no response at all .

He did eventually reply with a “bonds dispersement” form which I quickly signed and returned but it has been a further few weeks and nothing as been returned.l to this date. No response we’re made after this when I emailed the agent when will I get it back.

I have contacted the VSBC to have them involved with, which took a month just for someone from VSBC to email my agent about the issue and within 1 hour, THE AGENT RESPONDS saying the refund has been returned (when nothing was returned).

I told the vsbc that I have received nothing and then I was told by the agent that their account department was still waiting for their bank to transfer their funds to their bank account.

Seeing as the agent said he has returned my bond and then saying he is still waiting for the bank to transfer to their department, I got a bit confused. Both those statements contradicted each other so in response, I have requested the agent a photo of the Bonds dispersement formed signed and dated.

To this day, the real estate agent has been radio silence since or been evading my request and both the VSBC and I have been requesting a copy of bonds disbursement form (about 5 times already).

What else can I do now? I would like a third party who can enforce action as the vsbc are nothing but more than a witness at this point.

I want my bonds returned andI also want a copy of the bonds dispersement form signed and date (only to see how much of a liar he is), yet this piece of work agent is making me go thru hurdles.

Also, I hate real estate agents… all liars

Financial

Comments

  • bemybubble on 09/02/2022 - 12:04
    +1

    Unfortunately when it comes to commercial real estate an agent is about as useful as the monarchy…

    The free option is the VSBC - if you really want it back then don't muck around, get a lawyer.

    • centrelink on 09/02/2022 - 12:18

      The amount is less than $3000, I don't think its worth the effort for a lawyer.

      Not sure what the VSBC can do, is all they really are doing right now is echoing my request (which seems to be not effective at this stage). Agent will only reply when its conviently in his favor and ignore things like a simple photo of the bonds disperment firm signed and dated.

      Am I not entitled to request for receipts of the bonds dispersement form if requested?

      • bemybubble on 09/02/2022 - 12:22

        A landlord or real estate agent must return the security deposit (bond) to the tenant (including interest earned on the security deposit) within 30 days of the lease ending if the tenant has met their obligations under the lease.

        Any dispute concerning its return can be referred to the VSBC for dispute resolution, for example, if the security deposit (and any accrued interest) is not returned or only part of the amount has been returned.

        See our security deposits page or more information.

        Get that from point 21 on VSBC website

        I'd call them (VSBC) and ask how they can help resolve the issue.

        • centrelink on 09/02/2022 - 12:33

          I have already gone to VSBC, all they do is email them in a three way (myself, agent, and vsbc person).

          Initially made the agent responds instantly, then radio silence if I request for bonds dispersement.

          • bemybubble on 09/02/2022 - 12:34

            @centrelink: That's fine as it's a process. There are timeframes they need to respond by though.

            • centrelink on 09/02/2022 - 12:53

              @bemybubble: And what happens if he doesnt refund and never replies?

              • bemybubble on 09/02/2022 - 13:04
                +1

                @centrelink: Hence why I mentioned to ask VSBC of this process.

                To be honest if it were me i'd send a letter of demand from my lawyer so they know you mean turkey. Most of the time that's enough to get their arse into gear.

                • omguleh on 09/02/2022 - 14:38

                  @bemybubble: You need VSBC to get you under mediation, costs about 500-600 though and it’s split between the parties. The terms under the mediation is binding and if it’s breached you can take the next steps.

                  • bemybubble on 09/02/2022 - 14:55

                    @omguleh:

                    For most business disputes, each party currently pays $195 per session

                    Not sure where you got the 500-600 from though

  • Ocker on 09/02/2022 - 12:06
    +2

    V.C.A.T
    Even if they rule in your favour they cannot force the other party to effect the refund. However, the chance of being named and shamed may be sufficient to get action.

    • centrelink on 09/02/2022 - 12:19

      Yeah don't want to name and shame, I also have friends who works in that very same company too.

      • MrHyde on 09/02/2022 - 12:22
        +2

        Maybe contact your friends and see if they can do anything

        • centrelink on 09/02/2022 - 12:37
          +1

          The are in sales department, I'm dealing with commericial.

          Also, wouldn't want to get friends involved anyways. Shouldn't be their issue and their risk at all.

          The company could be doing shady stuff for things like tax evasion or something.

          • Drakesy on 09/02/2022 - 12:40
            +1

            @centrelink: Sometimes having someone personally involved in the matter could help as the last thing they would like is their workplace to be screwing over one of their mates (i know i'd want to make sure my workplace is treating my friends fairly.)

            • spackbace on 09/02/2022 - 12:54
              +1

              @Drakesy: And can go to the relevant manager and get it sorted

            • centrelink on 09/02/2022 - 12:55

              @Drakesy: So I can ask my friend to go scrawl thru their data and get me a copy of the bonds dispersement form and then show it to my real estate agent?

              • MrHyde on 09/02/2022 - 13:05
                +5

                @centrelink: No, you ask your mates to use their internal connections to escalate the matter.

                Never ask them to do something like access documents that they should not have access it.

                • Drakesy on 09/02/2022 - 14:29
                  +1

                  @MrHyde: you've hit the nail on the head

                • Mechz on 09/02/2022 - 15:24
                  +1

                  @MrHyde: Or just go to real estates website and find the managing director(s) contact details and forward all correspondence saying you want this matter dealt with immediately. It leaves your friend out of it.

                  • MrHyde on 09/02/2022 - 15:26

                    @Mechz: He'll get further by having his friend escalate it to the MD than him contacting the MD.

                    He can always try the other avenues first and see how he goes and then use his friend as a second last resort - last resort being VCAT or equivalent.

    • imcjb on 09/02/2022 - 12:20
      +1

      It gets enforced at either the Magistrates' court or the Supreme court depending on the ruling. Naming and shaming is not the only outcome :p

      • centrelink on 09/02/2022 - 12:27

        Thing is, this is note a dispute where no one disagreed. We both agreed that I was entitled for a full return of the security bonds.

        The agent has already tried to leech as much seucirty deposit with photos, but I already countered his attempt with my own proof of photos which was dated all the way till 10 minutes after I just received the warehouse keys.

        So after getting rekt with my iron clad evidence that I do not need to have my bonds returns reduced, he agrees that I will get a full return of my bonds. The only problem is, I have not received it for 2 months.

        It sounds like he is determined to play this out as long as possible and have the last laugh.

        I just want my secuty bond back so I can have more inventory for my next business sigh

      • Ocker on 09/02/2022 - 12:31

        The costs associated with the Magistrates Court will likely outweigh the value of the bond. Even then the other party may simply ignore a court ruling in your favour. Only practical course of action left would be to commence bankruptcy proceeding against them - all pretty heavy stuff

        • centrelink on 09/02/2022 - 12:35

          So pointless though, paid every month on time for 5 years. In that time, requested maintenance like 2-3 times due to aging things like OLD lights burnt out. Kept in relative same condition as when I commence this lease.

          Guess track records mean nothing after all. Lesson learned (but still trying to get my bonds back).

    • WT on 10/02/2022 - 14:00
      +2

      this!

      Start proceedings with VCAT and once they get paper work and if your evidence is as good as you say it is, they probably wont be stupid enough to waste time.

      A lot of these people in real estate, strata etc ignore you since a lot of people give up and its easy money for them.

  • weezlebub on 09/02/2022 - 12:19
    +1

    sounds like land lord doesn't care and agent was hoping for some pocket money :)

    • centrelink on 09/02/2022 - 12:20
      +1

      It has already been decided I will get 100% of my security deposit back. The only issue is that I dont have it in my bank yet.

  • centrelink on 09/02/2022 - 12:21

    It sucks though, there was another thread where another posted said they cant their bond back due to damage without evidence.

    Well in this case, I have evidence and the tenant still gets to be screwed over. Clown world.

  • raptormesh on 09/02/2022 - 12:25
    +2

    The amount of power vs actual worth that REA has in this country is pretty insane tbh.

  • Drakesy on 09/02/2022 - 12:43
    +2

    Yet another case of Property managers literally being the scum of the earth.

  • pharkurnell on 09/02/2022 - 13:08
    +1

    Go there in person, instead of 23803492304982349 emails getting you nowhere.

    • aragornelessar on 09/02/2022 - 13:28
      +1

      With bikies?

      • pharkurnell on 09/02/2022 - 13:29
        +1

        Table tennis champs…

    • centrelink on 09/02/2022 - 14:21

      eh, past attemps to be proven in-effective.

      Better to keep receipts with emails.

  • Yola on 10/02/2022 - 08:20
    +1

    Options in order.
    Email the MD.
    Threaten to report them to the ATO, sound like they are shady and if they are doing this to you they are also doing the wrong thing elsewhere.
    A letter from a lawyer should only be a few hundred.

  • OzHunterNSW on 10/02/2022 - 13:17
    +2

    ALL BONDs are by LAW to be handled by the BOND BOARD. Got nothing to do with owner.
    You DO have copies of Bond Lease details… don't you…

    You write politely to the owner and simply ask for this BOND to be returned.

    You may ring the BOND board yourself, and request your BOND to be returned.

    You have contacted them… haven't you…

    Failing all this, you write to owner and ask where the BOND is… you ask for BOND details, such as registration Number. You begin to build a case against his unscrupulous ways… then if he still plays games… you take him to Tribunal, ask for BOND back, and ask for INTEREST.

  • MITM on 10/02/2022 - 15:30
    +2

    This a big name Real Estate company you're dealing with ? Do they have Facebook ? Go sit in the office and wait for your bond to be returned - take a loud radio with you and turn it up.

    • Yola on 10/02/2022 - 17:07
      +1

      And tell anyone that walks in that they are an unscrupulous company. Loudly and they will want you gone ASAP.

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